Month 7, Day 137 to 151 - 36-month forex trading challenge - back in the game.
Well I've been trading the last couple of weeks, but been out of the game of writing my blog posts. It's now time to get back in the game!
It's amazing how a habit takes so long to build, but falls away so quickly. Habits die on the vine unless consistent effort is put behind their maintenance.
It's time to catch up on the weekly videos. Links to weeks 26, 27, 28 and 29 can be found below and are available to watch on the STG FOREX TV YouTube channel.
The weekend was a time for reflection and to update as to where I am on the challenge. I'm yet to finalise numbers for October, November and December, as in my long account I have two SIG. 1 trades still open (both initiated in October).
SIG. 1 trades are generally held for weeks / months, so including them alongside my intraday strategies initiated on the 240 chart has caused some confusion. Moving forward I'll look to place SIG. 1 trades through separate long and short accounts in ETX Capital (both of which I'll need to fund).
Anyway, as an interim measure the scores on the doors are as follows:
It doesn't make the best reading with a current drawdown of just over 30%. My short account has been hurt the most with two very bad months in October and November.
I overtraded in October and November, which is one of the reasons I introduced my MAG. 7 indicator / filter in early December. Since then things have got better, but the damage was already done.
A drawdown is an inevitable part of trading, but not something I'd expected to experience so soon. I'm now way off the target I set myself at the start of the challenge, but the challenge still continues.
I'm not one to give up and the lessons I've learnt in the previous six months I hope will help me to better capitalise on profitable opportunities for the remainder of this year. It ain't over until the fat lady sings, and she's not about to sing anytime soon.
Finally for today, a quote from Poldark, the TV series my wife and I are currently watching, which really hit home.
'My life is more precious for being less certain and richer for being poorer.'
In the forex market there is never any certainty, and perhaps my current period of drawdown (being poorer), is an important educational step on my road to success (being richer)?
Success in trading rarely happens overnight, and if it does it's often short-lived. It's the daily grind that pays off in the longer term.
On with the challenge!
Is it really possible to turn £50K into £1M? Over the next 36 months I'm going to find out by trading my personal account with full transparency.
Follow my 36-month challenge to turn £50K into £1M.
Read my blog here: https://stgforextvforexchallenge.blogspot.com
Subscribe on YouTube here: https://www.youtube.com/channel/UCyGySJ5IeDjq-DIJPU7nYvw
[Please note, the information presented is general educational material and does not constitute trading advice.
Trading foreign exchange (forex) on margin carries a high level of risk and may not be suitable for you or your circumstances.
Before trading forex you should investigate all of the risks, including the possibility that you could lose more than your initial investment.
It’s important to consider your investment objectives, level of experience and risk appetite. If in doubt seek advice from an independent financial advisor.]
It's amazing how a habit takes so long to build, but falls away so quickly. Habits die on the vine unless consistent effort is put behind their maintenance.
It's time to catch up on the weekly videos. Links to weeks 26, 27, 28 and 29 can be found below and are available to watch on the STG FOREX TV YouTube channel.
SIG. 1 trades are generally held for weeks / months, so including them alongside my intraday strategies initiated on the 240 chart has caused some confusion. Moving forward I'll look to place SIG. 1 trades through separate long and short accounts in ETX Capital (both of which I'll need to fund).
Anyway, as an interim measure the scores on the doors are as follows:
It doesn't make the best reading with a current drawdown of just over 30%. My short account has been hurt the most with two very bad months in October and November.
I overtraded in October and November, which is one of the reasons I introduced my MAG. 7 indicator / filter in early December. Since then things have got better, but the damage was already done.
A drawdown is an inevitable part of trading, but not something I'd expected to experience so soon. I'm now way off the target I set myself at the start of the challenge, but the challenge still continues.
I'm not one to give up and the lessons I've learnt in the previous six months I hope will help me to better capitalise on profitable opportunities for the remainder of this year. It ain't over until the fat lady sings, and she's not about to sing anytime soon.
Finally for today, a quote from Poldark, the TV series my wife and I are currently watching, which really hit home.
'My life is more precious for being less certain and richer for being poorer.'
In the forex market there is never any certainty, and perhaps my current period of drawdown (being poorer), is an important educational step on my road to success (being richer)?
Success in trading rarely happens overnight, and if it does it's often short-lived. It's the daily grind that pays off in the longer term.
On with the challenge!
*********
Is it really possible to turn £50K into £1M? Over the next 36 months I'm going to find out by trading my personal account with full transparency.
Follow my 36-month challenge to turn £50K into £1M.
Read my blog here: https://stgforextvforexchallenge.blogspot.com
Subscribe on YouTube here: https://www.youtube.com/channel/UCyGySJ5IeDjq-DIJPU7nYvw
[Please note, the information presented is general educational material and does not constitute trading advice.
Trading foreign exchange (forex) on margin carries a high level of risk and may not be suitable for you or your circumstances.
Before trading forex you should investigate all of the risks, including the possibility that you could lose more than your initial investment.
It’s important to consider your investment objectives, level of experience and risk appetite. If in doubt seek advice from an independent financial advisor.]
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